— FAQs

ClosingCalcs is a platform which enables all parties involved in a real estate transaction to easily assemble the financial components in an organized manner. This allows for a quick, comprehensive view of the transaction. ClosingCalcs also identifies the unresolved line items which still demand attention. ClosingCalcs minimizes the last-minute crunch of closing by encouraging the parties to provide as much of the information and resolve any disagreements as early as possible.

For every new transaction, ClosingCalcs sets up different “rooms” for each component of a transaction. For example, if the transaction consists of the sale of a commercial property with the purchaser obtaining a loan and the seller utilizing a portion of the closing proceeds to satisfy an existing loan, separate rooms would be set up for the adjustments between the seller and the purchaser, the payoff of the seller’s existing loan and the determination of the purchaser’s net loan proceeds. Each party and their counsel would have access to the different ClosingCalcs rooms relevant to them.

The person initiating a ClosingCalcs transaction enters the contact information of all individuals who are participating in the transaction and their respective roles, whereupon such individuals will be invited to participate in the ClosingCalcs deal rooms relevant to them. Such other individuals can then enter the contact information of other relevant individuals (who will also be invited) so that the full roster of relevant people can access the ClosingCalcs rooms relevant to them. For example, a purchaser’s attorney could invite the purchaser's principal, the seller’s attorney, and, when known, the name of the purchaser’s lender and the name of the title insurance company and the relevant people at such companies who will be working on the matter. 

Once an individual has access to a ClosingCalcs deal room, they can enter all relevant information. For example, the seller will enter its proposed adjustment for real estate taxes in the Seller/Purchaser Adjustments ClosingCalcs room, the purchaser/borrower’s lender’s counsel will enter its proposed origination fee in the Title Expenses ClosingCalcs room and the seller’s existing lender will enter its proposed payoff expenses in the Payoff of Existing Loan ClosingCalcs room.

Once any item is entered, all relevant parties will have access to the information and will be invited to approve it by clicking on an “Accept” button next to such entry (or clicking on an “Accept All” button on the bottom of such page). 

If anyone disputes any item entered by a different party, they would click on a “Dispute” button next to such entry or simply enter a different number, which would notify all relevant parties of the change. Upon the resolution of the disagreement, the parties would indicate their approval of the agreed-upon number.

Once all disputed entries (if any) are resolved and all of the entries have been unanimously approved, ClosingCalcs will generate a final, approved settlement statement.

ClosingCalcs provides a history of each entry in any transaction, identifying the person who initially provided such entry, when it was entered and similar information for all changes/disputes with respect to such entry. No longer must parties sift through countless emails to determine how any specific item was determined.

By encouraging the parties to provide the closing numbers as early as possible, and by simplifying the compilation of the different entries from the disparate parties most of the entries will be finalized well in advance of the closing. The parties can thus focus their time and energy in the days leading up to the closing (and on the closing day itself) to address and resolve any open issues, rather than wasting time in the all-too-common scramble to draft and finalize an acceptable closing statement.

ClosingCalcs charges a fee of $3,000 for each transaction, $750 of which is payable as a deposit upon the initiation of a ClosingCalcs transaction. Upon the payment of the deposit, different parties can be invited to a transaction and information can be added.